TIMOR 100 escudos 24.10.1967


TIMOR, 100 escudos, 24.10.1967, Face: brown on multicolor, Regulo D. Aleixo, Back: brown and multicolor, arms, signature 8: Gaivao-Vieira Machado, P28a, moderate foxing, AU-Unc

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Pictures of two notes show the general range of the fox spots.

Alexo Corte-Real (Dom Aleixo Timorese was a local noble who upheld the Portuguese administration. Well, the Australians started messing around in Timor, which gave the Japanese an excuse to invade, so the Australians could go “See, I told you,” and organized the resistance. Aleixo, at that point, went with the Australians, was captured and killed by the Japanese.

Aside from China, other governments started using circulating “banknotes” starting in the 17th century AD. The practice became general in the 19th century. In the 20th century value of paper money in circulation far surpassed the value of coinage. In the 21st century paper money is fading and credit transactions are growing.

Paper money, meaning the promise of a government to pay a set amount, and the paper promise allowed to circulate at will, was probably first used in China in the 12th century AD. At that time the merchants and governments of Europe were just writing letters to each other about what they owed.